The takeover of Ojer Telekomünikasyon A.Ş.’s (OTAŞ) 55 percent shares in Türk Telekomünikasyon A.Ş. (Türk Telekom), Turkey’s privatized telecommunications company, by a “Special Purpose Vehicle” (SPV) which the creditor banks of OTAŞ would be shareholders, has been approved by the Turkish Treasury and Finance Ministry on Aug. 29.

The long-suffering crisis in Türk Telekom, which the Justice and Development Party (AKP) sold to Saudi Arabians, has gained a new dimension.

OTAŞ, owned by Saudi Oger of the Lebanese Hariri family, had put up 55 percent of Türk Telekom shares as collateral for a loan of $4.75 billion in 2013.

Creditor banks had planned to establish the SPV to take over Türk Telekom, due to billions of dollars of unpaid debts in the course of the Turkish currency and debt crisis back in July 2018.

The Turkish government, which holds 30 per cent of Türk Telekom shares, also supported the establishment of the SPV.